Stratus Properties forms JV for Holden Hills Phase 2, boosts buyback to $25M

STRATUS PROPERTIES INC

Contributed land valued at $95.7M to Phase 2 JV; partner contributed $47.9M cash; Stratus received $47.9M distribution and holds 50% equity.
Borrowing base under Comerica revolving credit facility reduced from $54.1M to $23.3M as Phase 2 property released from collateral.
Share repurchase program increased from $5M to $25M; $23M remaining after $2M already repurchased.
Phase 1 partnership amended to align buy-sell provisions with Phase 2.
JV aims to develop 570-acre mixed-use project adjacent to Holden Hills Phase 1.

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